


%\begin{table}[hbt]
%\begin{threeparttable}[b]
%\caption{Asset Pricing: Portfolios Sorted on both Elasticities: $\zeta_h$ and $\eta_h$}
%\label{table:elasticty-all-1}
%\begin{small}
% \setlength{\tabcolsep}{0.5\tabcolsep}
%{\textwidth}

 % \begin{tabular*}{1\textwidth}{@{}l@{\extracolsep{\fill}} YYYYY @{}} 
\begin{tabular*}{0.85\textwidth}{@{}l YYYYY @{ }} 


\cmidrule[1.0pt](l{-1em} r{-1em}){1-6} 
\addlinespace

% \cmidrule[1pt](l{0.5em} r{0.5em}){2-6} 
%  & \multicolumn{5}{c}{Panel A: Summary Statistics across Elasticity Groups, $\zeta$} \\
% \cmidrule[0.5pt](l{0.5em} r{0.5em}){2-6} 



%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


\multicolumn{1}{c}{} & 
\multicolumn{5}{c}{Panel A. State Governments} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-6}


% Set up the first
& 
   \multicolumn{1}{c}{Average} & 
   \multicolumn{1}{c}{Min} & 
   \multicolumn{1}{c}{25th pct.} & 
   \multicolumn{1}{c}{75th pct.} & 
   \multicolumn{1}{c}{Max} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-2}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){3-3}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){4-4}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){5-5}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){6-6}


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


\multicolumn{1}{l}{Total Tax Revenues} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.084 &
0.034 &
0.068 &
0.092 &
0.199 
\\

\addlinespace

\multicolumn{1}{l}{Sales Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.06 &
0.028 &
0.045 &
0.071 &
0.14 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.252 &
0 &
0.192 &
0.283 &
0.597 
\\

% \addlinespace

\multicolumn{1}{l}{Indiv. Income Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.087 &
0.045 &
0.065 &
0.094 &
0.229 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.219 &
0 &
0.185 &
0.294 &
0.434 
\\

% \addlinespace

\multicolumn{1}{l}{Corp. Income Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.103 &
0.053 &
0.074 &
0.113 &
0.289 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.248 &
0 &
0.215 &
0.3 &
0.423 
\\

\addlinespace



%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-6}

\multicolumn{1}{c}{} & 
\multicolumn{5}{c}{Panel B. Local Governments} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-6}
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%



\multicolumn{1}{l}{Total Tax Revenues} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.202 &
0.056 &
0.131 &
0.24 &
0.561 
\\

\addlinespace

\multicolumn{1}{l}{Property Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.203 &
0.067 &
0.127 &
0.251 &
0.546 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.634 &
0.215 &
0.452 &
0.849 &
0.983 
\\

% \addlinespace

\multicolumn{1}{l}{Sales Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.237 &
0.037 &
0.126 &
0.265 &
0.991 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.16 &
0 &
0 &
0.269 &
0.641 
\\

\addlinespace



%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-6}

\multicolumn{1}{c}{} & 
\multicolumn{5}{c}{Panel C. State \& Local Governments} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-6}
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%



\multicolumn{1}{l}{Total Tax Revenues} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.071 &
0.044 &
0.062 &
0.075 &
0.135 
\\

\addlinespace

\multicolumn{1}{l}{Property Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.144 &
0.051 &
0.093 &
0.16 &
0.423 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.264 &
0.115 &
0.217 &
0.302 &
0.568 
\\

% \addlinespace

\multicolumn{1}{l}{Sales Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.066 &
0.028 &
0.049 &
0.074 &
0.188 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.215 &
0 &
0.162 &
0.259 &
0.485 
\\


% \addlinespace

\multicolumn{1}{l}{Indiv. Income Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.086 &
0.045 &
0.065 &
0.094 &
0.221 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.179 &
0 &
0.143 &
0.242 &
0.335 
\\

% \addlinespace

\multicolumn{1}{l}{Corp. Income Tax} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 
0.101 &
0.051 &
0.076 &
0.108 &
0.261 
\\

\multicolumn{1}{l}{\quad Share of total rev.} & 
0.188 &
0 &
0.156 &
0.236 &
0.301 
\\

           
\cmidrule[1.5pt](l{-1em} r{-1em}){1-6} 


\end{tabular*}
